Simple Steps To Bring Student Car Insurance Costs Crashing Down
We all know that managing a student budget is tough at the best of times, but would things ever get so drastic that you’d resort to crashing your car to raise some quick cash?
Recent research revealed that one in six desperate young drivers would consider deliberately staging an accident to claim money back on their insurance. With the price of petrol and road tax going up every year, it’s enough to make many hard-up students ditch the car altogether in favour of the bus or even an energetic walk.
But there’s still no need to “crash for cash”, not when there are so many easy ways to cut the cost of driving. Just follow these simple steps to bring the cost of your car insurance crashing down – and give yourself a few more £s to spend on all the fun stuff uni has to offer:
Choose your car carefully
Yeah, we’d all love to pull up to lectures in a brand spanking new, souped up sports car, but unless you’ve won the lottery or are getting plenty of help from the “Bank of Mum and Dad”, it’s likely you’ll have a more humble form of transport. Choose a car with a smaller engine and you’ll pay a much lower insurance premium, as well as using less petrol than a gas guzzler, so you’ll save money too. And steer clear of modifications like alloy wheels and huge spoilers, as insurers take all these little changes into account and add big money to your bill.
Shop around for cheaper prices
Car insurance is a very competitive market, and that’s good news for you. Even though students do pay a higher price than many other motorists, there are still great deals to be found. Search for insurance quotes online to put yourself in a great position to see what’s on offer and find the best value for money deals.
What kind of coverage?
I bet you think it’ll be much cheaper to only buy third party insurance, rather than a more comprehensive policy? Well, some insurance companies have actually hiked the price of third party coverage for younger drivers in recent years, meaning it can be better value, and in some cases even cheaper to buy a more comprehensive policy. Of course, if you’re only scooting around town in an old banger worth £50, then third party might be the right option. And remember that if you are still paying off a car finance loan, it’s best to make sure you take out comprehensive cover anyway, as even if your motor gets written off, you’ll still have to pay for it!
Seek out special deals
A great way to cut insurance renewal costs quickly is to boost your no claims discount by taking advantage of companies offering a year’s no claims for just a 9 or 10 month policy. Some companies even give you a year’s extra no claims just for signing up with them, so always pay attention to the small print.
Pick a parking place and beef up your security
Make sure you get an alarm and immobiliser fitted to your car, as it will automatically bring down your premium. In your first year, grab a secure parking space in your halls of residence, and if you do move on to a house without a garage or driveway, at least try to park in a well-lit spot and don’t leave any valuables on display to catch the eye of wannabe thieves.
Prove you’re not a dangerous driver
We know by now that student drivers are said to be a higher risk – well why don’t you prove the insurance providers wrong?! Take a few extra lessons to master driving at night or driving on motorways and get yourself a Pass Plus certificate, a qualification that can get a massive discount on your next insurance policy. And you don’t even have to pass a pesky exam, just complete the six separate lessons and hey presto!
Stick to speed limits and sensible driving
A boring and fairly obvious thing to say, but it really does make sense to stick to those 30mph limits. The quickest way to send your insurance costs spiralling is to pick up a silly three point penalty for going too fast – and you’ll end up with a £60 fine to boot. Keeping your license clean, avoiding accidents, and hunting for a better deal come renewal time are the holy trinity of ensuring your insurance costs keep going lower year after year.
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